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India Inc lost 4 per cent of turnover to bribery

Nearly two-thirds of companies say corruption increases price for customer.

MUMBAI: Indian firms have lost on an average four per cent of their turnover to bribery and corruption, highest percentage across all regions globally according to a report on financial crime released by Thomson Reuters.

This is significantly higher when compared to three per cent in Asia-pacific and 3.2 per cent globally. Out of 120 companies from India that participated in the global survey, around 63 per cent believe that the consequences of this bribery and corruption would be higher prices for end-users and lesser revenue to the government.

When asked whether their companies had been victims of any of the identified financial crimes throughout their global operations during the past twelve months preceding the survey, 53 per cent in India admitted to have suffered a financial crime despite spending about 3.6 per cent of their turnover to prevent such crimes in their global operations.

( Source : Deccan Chronicle. )
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